Saving for your future is a process, not an event. It is not something that you do once and forget about; it is a continual process of taking action: planning and doing, maintaining and balancing your priorities, and re-evaluating and making changes.

The bottom line is that it is up to you to plan for your retirement. Company plans are a great start, but it is up to you to build a retirement fund to live the lifestyle of your dreams. If you or your spouse has a business, it is up to you both to provide for your retirement by setting up your own retirement plans.

Following is a review of various retirement plans and strategies. [Note: For all Keogh plans listed below, they are qualified plans, so unless it is a profit sharing plan that allows for in service distributions, hardship or loans, the only distributable events are termination of employment, retirement, death, or disability].

Plan/Strategy

Best for

Early Withdrawal

401(k)'Profit Sharing

Employees who qualify3,7

Depends on the plan2,4

IRA

Those who don't have company pension plans or who have put the pre-tax maximum into their company plans

Always permitted2,5

SEP

Self-employed person who is a sole proprietor1,7

Always permitted2,5

SIMPLE PLAN

Employers with 100 or fewer employees who earned $5,000 during the preceding year7, 10

Depends on plan

PROFIT-SHARING KEOGH

Small-business owner who is funding a plan for himself and employees. Contributions are discretionary.1,7

Depends on plan2,6

MONEY-PURCHASE KEOGH

Small business owner who is funding a plan for himself and employees. Contributions are required to be made each year.1,7

Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.